OFG BANCORP
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
OFG$51.18+0.0%Stored close · as of Nov 10, 2026
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Unaudited Consolidated Statements of Operations
| Quarter Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| (In thousands, except per share data) | ||
| Interest income: | ||
| Loans | $149,594 | $128,311 |
| Mortgage-backed securities | 19,793 | 10,074 |
| Investment securities and other | 14,039 | 10,600 |
| Total interest income | 183,426 | 148,985 |
| Interest expense: | ||
| Deposits | 36,792 | 12,497 |
| Advances from FHLB and other borrowings | 2,532 | 591 |
| Total interest expense | 39,324 | 13,088 |
| Net interest income | 144,102 | 135,897 |
| Provision for credit losses | 15,121 | 9,445 |
| Net interest income after provision for credit losses | 128,981 | 126,452 |
| Non-interest income: | ||
| Banking service revenue | 17,259 | 17,513 |
| Wealth management revenue | 8,107 | 7,120 |
| Mortgage banking activities | 4,693 | 3,898 |
| Total banking and financial service revenues | 30,059 | 28,531 |
| Net (loss) gain on: | ||
| Sale of securities | (7) | — |
| Other non-interest income | 296 | 370 |
| Total non-interest income | 30,348 | 28,901 |
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE QUARTERS ENDED MARCH 31, 2024 AND 2023 (CONTINUED)
| Quarter Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| (In thousands, except per share data) | ||
| Non-interest expense: | ||
| Compensation and employee benefits | 39,816 | 38,473 |
| Occupancy, equipment and infrastructure costs | 14,322 | 14,257 |
| Electronic banking charges | 10,366 | 10,337 |
| Information technology expenses | 6,603 | 6,418 |
| Professional and service fees | 4,004 | 5,064 |
| Taxes, other than payroll and income taxes | 3,243 | 3,273 |
| Insurance | 2,676 | 2,918 |
| Loan servicing and clearing expenses | 2,110 | 2,267 |
| Advertising, business promotion, and strategic initiatives | 2,379 | 2,036 |
| Communication | 1,081 | 1,029 |
| Printing, postage, stationery and supplies | 959 | 730 |
| Director and investor relations | 279 | 258 |
| Foreclosed real estate and other repossessed assets income, net of expenses | 668 | 793 |
| Other | 2,906 | 2,367 |
| Total non-interest expense | 91,412 | 90,220 |
| Income before income taxes | 67,917 | 65,133 |
| Income tax expense | 18,225 | 18,904 |
| Net income available to common shareholders | $49,692 | $46,229 |
| Earnings per common share: | ||
| Basic | $1.06 | $0.97 |
| Diluted | $1.05 | $0.96 |
| Average common shares outstanding and equivalents | 47,343 | 47,944 |
| Cash dividends per share of common stock | $0.25 | $0.22 |
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